By now it should be painfully obvious to all Americans that the Democratic Congress will stop at nothing to push through its agenda. Yesterday, President Obama signed into law the financial reform bill after a series of votes to bail out failed corporations with taxpayer money. Tim Holden and Nancy Pelosi have passed yet another bill that will dramatically alter the nature and practices of our financial system.
This piece of legislation legitimizes and encourages future bailouts of companies, rather than preventing them. The new regulations will allow the government takeover of any financial institution that is deemed to be "failing" by the government. In addition, the bill greatly expands the power of the Federal Reserve and the Treasury, giving them unprecedented and dangerous powers, far beyond those provided by the constitution. The bill also establishes an entirely new bureau to enact and oversee the new legislative mandates.
Dave Argall stated, "Instead of creating a bill that protects the nation from future financial crises, they've passed a bill that limits people's choices and opportunities while getting in the way of economic growth and job creation. This new law gives the government powers that the constitution does not grant them. Yet again, the Democrats have voted to ignore the Constitution, and Tim Holden has been right there with them. This latest vote shows just how out of touch Tim Holden is. Continuing to bail out these firms with taxpayers' money is not a solution for the prevention of future problems."